Financial focus

06 May 2004

A selection of quarterly financial results from industry big hitters including GSI Lumonics, DALSA, Coherent and more.

•  Restructuring and market recovery were the reasons behind GSI Lumonics' good first quarter results, according to the firm’s CEO Charles Winston. Sales for the quarter were $74.9 million, an 82% increase from the $41.1 million posted in the same period last year. The firm also recorded a net income of $8.9 million compared to a loss of $1.7 million year-on-year.

•  Newport returned to profitability during its first quarter recording an income from continuing operations of $1.1 million compared to a loss of $1.7 million in the previous quarter. First quarter sales came in at $42.2 million while new orders for the quarter totalled $44.2 million. “First quarter orders, sales and income per share all exceeded our expectations,” said Newport’s chairman Robert Deuster. “Our new orders were the highest level we have recorded since the second quarter of 2002 and represented our fifth consecutive quarter of sequential growth.”

•  Coherent has announced sales of $125.8 million and a net income of $3.1 million for its second fiscal quarter ended April 3. For the corresponding prior year quarter these figures were $103.5 million and $1.9 million respectively. The company also posted incoming orders of $28.3 million, a 40% increase from the first quarter figure.

•  Revenue and net income continue to rise at DALSA. For its first quarter, the Canadian firm announced a 10% rise in revenue to C$36.8 million and a 63% rise in net income to C$3.9 million year-on-year. DALSA’s digital imaging business posted a net income of $2.6 million, up 45% compared to the same period last year. The company says that it expects to see significant growth in the semiconductor inspection market, which includes the inspection of both wafers and flat panel displays, for the remainder of 2004.

•  Bookham Technology saw its net loss for its first quarter increase to £16 million, a rise of £9 million on the previous quarter. Cash burn, excluding the acquisition of New Focus, was £11.1 million, up from £8.9 million in the fourth quarter of 2003. “We continue to move aggressively with further cost reduction initiatives in the business, including the rapid commissioning of the China manufacturing facility,” said Bookham’s CEO Giorgio Anania. “Our intention is to reduce overhead costs by approximately 25% from current levels over the next 12 months.”

•  First quarter net sales at Three-Five Systems (TFS) came in at $38.4 million, down from $45.9 million recorded in the previous quarter but up from the $25.3 million posted in the same quarter last year. Net loss also increased to $6.6 million from $3.2 million in the previous quarter. “We are positioning our Beijing factory for a strong ramp as we continue to consolidate all our display module manufacturing in that location,” said TFS’s president Jack Saltich. “Our efforts are focused on small form factor color TFT custom display modules for the mobile market.”